18/10/2015 05:41 AST
About 67 per cent of the Arab expats are confident of making their own investment decisions, compared to Asian, western expats and Emiratis, a survey has revealed.
Comparatively only 48 per cent Asian expats, and 45 per cent Western expats and 44 per cent Emiratis are confident of taking their own investment decisions.
This study conducted by IG Group, was from feedback from 1,000 residents in the UAE. The aim was to understand the level of financial literacy and the understanding of investments.
According to IG Group, the world's leading online trading company, more than half of residents in the UAE or 52 per cent make their own investment decisions, with the vast majority use the internet (about 67 per cent) and newspapers (37 per cent) as the top sources for investment information.
A further 32 per cent make investment decisions based on collaborative approach with family, friends and colleagues, and only 16 per cent seek advice from professional financial advisers.
The study also revealed that nearly two-thirds or 64 per cent said they would be interested in learning more about how they could potentially boost their investment portfolio by trading the financial markets.
"This research is a clear indication that residents in the UAE are keen to learn more about investing in the financial markets," said Kypros Zoumidou, Senior Executive Officer, IG UAE, and Head of the Dubai Office. "We have created the best support package for our growing client base in the region. This includes 24/7 support on the phone and regular education seminars held at our office in DIFC."
IG offers investors in the UAE access to more than 10,000 markets providing a unique set of derivatives trading services, including trading contracts for difference (CFDs) and foreign exchange.
Debt time bomb
A whopping 88 per cent of the residents living in the UAE have credit obligations, a survey launched by YouGov in partnership with Al Etihad Credit Bureau and Citibank UAE revealed.
The survey of people across the UAE earning more than $8,000 (Dh29,360) per month, shows that credit cards are the most popular form of credit, with 82 per cent of respondents indicating they use one. Of those, around three quarters had more than one card, the statement said.
Credit cards were also used frequently, with almost a third using their card daily, and almost half using it weekly.
"The survey shows awareness of our credit reporting services is strong. The Bureau provides consumers and lenders with invaluable information about their credit history, which helps consumers to avoid borrowing more money than they can comfortably repay, and assist lenders in making informed decisions," An Al Etihad Credit Bureau spokesperson said in a statement.
A third of respondents were aware of the Al Etihad Credit Bureau and its credit reporting service, and of those one quarter had obtained a credit report from the Bureau.
In a recent survey, Al Etihad Credit Bureau pointed out that a staggering 3.15 million people in the country (nearly one of out three) are living in debt and almost all of them have more than one loan.
Besides individual borrowers, 115,000 companies also have loans in the UAE. Between March 2014 and March 2015 alone, consumers in the UAE pocketed Dh1.3 trillion in personal loans, a 6.5 per cent increase over the previous year.
Gulfnews
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